IRVINE, Calif. — CarFinance Capital LLC, an auto finance provider, announced it has completed its second rated asset-backed securitization of $304 million of notes in a transaction that closed on Oct. 24.
The offered notes were assigned ratings by Standard & Poor’s Ratings Services, Moody’s Investor Services Inc. and Kroll Bond Rating Agency Inc. The senior class of offered notes were rated A by S&P, A3 by Moody’s and AA- by KBRA. Deutsche Bank Securities and Credit Suisse were joint book-runners for the transaction.
“The need for better financing opportunities for today’s large population of credit-challenged consumers is clear and, as the economy continues to recover, we are pleased to have helped thousands of consumers across the country obtain financing for vehicles,” said Jim Landy, president and CEO of CarFinance Capital. “Our second securitization reflects the continuing strength of our business, management team, asset quality, and capital position, and further validates our mission of providing dealers and consumers a more positive auto financing experience.”